Is This Market Going To Ever Move Again? F%^K (SPY)
|ES_F 1 min prior to drop.. notice low volume rise|
We as traders sit here all damn day waiting for something remotely interesting to happen, like a sell off or hell even a break into to new territory to the upside. Either or would be great, but backfilling and trading across levels which have been in the cards for weeks presents nothing but chop.
Today is a perfect example, we had some moderately shitty housing numbers come out which caused the market to nose dive below 1280 only to be caught with a baseball glove at 1278.75ish. The market retraced 80% of the morning’s down move in one solid trend on decreasing volume.
|ES_F post sell off notice the same trend lines..|
knows no gravity is a market you cannot trust when there is not a real explanation for why the market continues to backfill and “try” to move higher. Most of the moves higher are on meager volume with small pokes into new high territory.
Obviously this tells me there is not that much jubilance to the upside and not much conviction to push us to the downside.. both sides of the trade are tired and or there is simply not enough real paper trading to matter. Everyone is hoarding cash except the fed who is spending it like it grows out in my backyard on a dollar tree..
The chart on the above right shows the declining buy volume followed by a massive ramp in volume on the sell side. over 30k minis crossed at 1278.50ish taking us to day lows of 1277.. giddy up